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Ready for the Turn

What Can We Expect in a New Regulatory Environment?. 2009 Boston Financial Client Forum. Ready for the Turn. The Three Fronts of Regulatory Change. Legislative Front – Financial Services Reform Reaction to perceived causes and contributing factors of financial crisis

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Ready for the Turn

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  1. What Can We Expect in a New Regulatory Environment? 2009 Boston Financial Client Forum Ready for the Turn

  2. The Three Fronts of Regulatory Change • Legislative Front – Financial Services Reform • Reaction to perceived causes and contributing factors of financial crisis • Monitoring and managing risk – Systemic Risk Regulator • Closing regulatory gaps – Private advisor registration, OTC derivatives • Protecting consumers – Consumer Financial Protection Agency • Regulatory Front – Aggressive SEC rulemaking and enforcement agenda • Madoff – Custody Rule • Reserve Fund – Money Market Reforms • Short pressure on FS firms – revisiting uptick rule • International Front – Striving For International Coordination? • Proposed EC AIFM Directive 2009 Boston Financial Client Forum Ready for the Turn

  3. The Example of Money Market Funds • Run on the Reserve Fund • Group of 30 / Volcker and ICI Recommendations • SEC Proposed Rule on Money Market Fund Reform • Key Issues • $1 Fixed NAV vs. Floating NAV • Portfolio Quality • Liquidity • Retail vs. Institutional MMF’s • Operational Considerations of Proposals 2009 Boston Financial Client Forum Ready for the Turn

  4. The Debate Is Just Beginning • Congress is just now beginning to consider the key administration proposals • Important to stay involved in the Washington (and international) discussion and educate policy makers on the potential impact of proposed legislation and rules • Example of MA 201 – Massachusetts Privacy Law 2009 Boston Financial Client Forum Ready for the Turn

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